In the past few weeks we have seen a very consolidated market but last week we saw what seemed to be a break out from the consolidation box with a price spike which broke the consolidation box temporarily at around 1.4700- however this turned out to be a fake out as price was rejected by the trendline, and failed to break out of the consolidation zone.
Wshould expect a test of the bottom of the consolidation at a around the support level. I expect there to be a bearish movement to the 1.2500. At the opening of the trading week we may see a short term bullish pullback before more downward movement.